Massmart warns of almost R1.4bn loss as SA consumers struggle
30 January 2020 - 08:24
Walmart-owned retailer Massmart, whose brands include Makro and Game, warned on Thursday it had swung into a loss in its year to end-December, as SA’s consumers cut back on higher-margin durable goods such as kitchenware and electronics.
In addition to trading disruptions caused by “aggressive” load-shedding in early December, consumers continued to prioritise spending on non-durables, such as food, the company said. During its second half, general merchandise sales — the group's biggest and highest-margin category — fell 2.6%...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.